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Reinsurance News

Hong Kong wants to further develop its reinsurance industry

3rd March 2017

Hong Kong is concerned that it has been losing reinsurance business, as it faces considerable competition both from the region and world in areas such as reinsurance, marine insurance and captive business. A new report from Hong Kong's Financial Services Development Council (FSDC) notes that reinsurance is crucial for Hong Kong's ... Read the full article

U.S. hurricane tail risk potentially higher than averages suggest: JLT Re

3rd March 2017

JLT Re, the reinsurance arm of international brokerage JLT, has warned that future climate scenarios suggest that Northeast U.S. hurricane tail exposure is greater than historical averages claim. The warning comes from Josh Darr, Senior Vice President (SVP) & Lead Meteorologist of JLT Re North America, addressing an audience at a ... Read the full article

Insured loss estimate from Sydney & NSW storms up to AU$186 million, so far: ICA

3rd March 2017

The freak summer storm that impacted parts of Sydney & New South Wales (NSW) in February has so far caused an insurance and reinsurance industry loss of AU$186 million (US$140.6 million), according to the Insurance Council of Australia (ICA). The ICA had previously put the insured loss estimate from damages ... Read the full article

DARAG CEO Gossmann to leave run-off insurer

3rd March 2017

Specialist European run-off insurer DARAG is losing its CEO, after Arndt Gossmann stepped down from the role as of the 28th February 2017. Gossmann will remain with DARAG in an advisory capacity through a transition period. DARAG specialises in legacy and run-off transactions, helping other insurers to transfer portfolios of legacy business ... Read the full article

Pool Re ups retro reinsurance protection to almost £2 billion

3rd March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, has increased the size of its retrocessional reinsurance program to almost £2 billion. In the last year Pool Re had £1.95 billion of retrocession in place, so the increase is not all that significant in terms of size, but it ... Read the full article

Blockchain prototype improves efficiency and reduces costs for insurers, says PwC

3rd March 2017

PwC has announced that its blockchain division in Belfast has created a working blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange, which it says reduces costs for London insurance market claims. PwC's blockchain team in Belfast is made up of 25 specialist blockchain engineers, and the new proof ... Read the full article

Reinsurance News – Friday 3rd March 2017

3rd March 2017

Here’s your daily Reinsurance News for Friday 3rd March 2017: Pool Re ups retro reinsurance protection to almost £2 billion UK government and industry backed terrorism reinsurance scheme, Pool Re, has grown the size of its retrocessional reinsurance program to nearly £2 billion. U.S. hurricane tail risk could be ... Read the full article

Re/insurers need to cooperate to realise benefits of Insurtech: Celent

2nd March 2017

Celent - a finance information technology consultancy firm - has highlighted how the insurance and reinsurance sector could benefit from cross-sector collaboration by leveraging the finance sectors' experience of cooperative development and applying R3 earnings to the re/insurance sector. R3 is a membership organization which facilitates exploration of distributed ledger technology ... Read the full article

Insured loss from U.S. catastrophes in 2016 above ten-year average: PCS

2nd March 2017

The insurance and reinsurance industry loss from catastrophe events in the U.S. during 2016 reached $21 billion, with the frequency of events increasing to the highest level since 1980, according to data and analysis from Property Claims Services (PCS), a division of Verisk Analytics. The $21 billion recorded by PCS comes ... Read the full article

White Mountains appoints Manning Rountree as new CEO

2nd March 2017

Bermudian insurance, reinsurance and financial services group, White Mountains Insurance Group, Ltd., has announced the election of Manning Rountree as its Chief Executive Officer (CEO), effective immediately. Rountree has also been elected to the firm's Board of Directors and takes over the CEO position from Ray Barrette, who is retiring. Joining the firm in ... Read the full article

Toby Kayll joins THB from Integro as Managing Director, Marine

2nd March 2017

Specialist insurance and reinsurance brokerage, THB, has announced that Toby Kayll has joined the firm from Integro Insurance Brokers, as Managing Director of its Marine business. Kayll joins the firm with more than 20 years of industry experience, and joins from Integro where he was head of the broker's marine division. "Toby ... Read the full article

Enstar appoints new executive to Board of Directors

2nd March 2017

Insurer Enstar has announced the appointment of Jie Liu to its Board of Directors. Dominic Silvester, Enstar’s Chief Executive Officer (CEO), welcomed Liu to his new role; "We have worked alongside Jie in recent months as Hillhouse became a significant shareholder in Enstar and a strategic partner in KaylaRe. "In addition to ... Read the full article

Arig launches new reinsurance subsidiary, AIM in Dubai

2nd March 2017

Bahrain domiciled treaty and facultative reinsurance provider, Arig, has received a licence from the Dubai Financial Services Authority (DFSA) to launch its wholly owned reinsurance subsidiary, Arig Insurance Management Limtied (AIM) in the Dubai International Financial Centre (DIFC). The reinsurer has announced that AIM will mainly focus on facultative specialty lines of business ... Read the full article

Swiss Re Corporate Solutions names Paul Atkinson Country Head, Japan

2nd March 2017

Swiss Re Corporate Solutions has appointed Paul Atkinson to replace Juerg Stoll as Country Manager for Japan, effective immediately. Atkinson has extensive commercial insurance experience and has worked in London, Hong Kong, Japan, and Taiwan, and is a fluent Japanese speaker. The appointment sees Atkinson replace Stoll, who has been appointed Country ... Read the full article

Reinsurers take bulk of Bahamas hurricane Matthew loss, raise rates

2nd March 2017

Insurers in the Bahamas have passed on the bulk of their losses from hurricane Matthew to the global reinsurance industry and are now that reinsurance rates are increasing at their renewals. Summit Insurance has now paid out $37 million in hurricane Matthew claims, the Bahamas Tribune reported, but the ... Read the full article

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